U.S. stock futures ticked higher Monday morning, building on a record close for May as investors digested a weekend of U.S. military strikes in Iran and looked ahead to a data-packed week.
The U.S. Central Command said on X that it carried out "self-defense" strikes in Iran over the weekend, hitting radar and command-and-control sites. The strikes were a response to "aggressive Iranian actions," including the shooting down of a U.S. MQ-1 drone operating over international waters. President Donald Trump said Iran wants a deal and urged critics to stop second-guessing his negotiation strategy.
Despite the geopolitical headlines, futures held their ground. The Dow Jones and S&P 500 futures were both up about 0.15%, while Nasdaq 100 futures gained 0.18%. The small-cap Russell 2000 futures dipped 0.10%.
The SPDR S&P 500 ETF Trust (SPY) rose 0.25% in premarket to $757.86, and the Invesco QQQ Trust ETF (QQQ) gained 0.32% to $740.70.
The 10-year Treasury yield sat at 4.46%, while the two-year yield was at 4.03%. According to the CME Group's FedWatch tool, markets are pricing a 99.4% chance the Federal Reserve leaves rates unchanged at its June meeting.
Stocks in Focus
Hewlett Packard Enterprise
Hewlett Packard Enterprise (HPE) jumped 6.06% in premarket ahead of its second-quarter results due after the close. Analysts expect revenue of $9.82 billion, up 28.7% year-over-year, and earnings per share of $0.54, a 42.11% increase. The company also announced a new HPE ProLiant Compute DL394 Gen12 featuring Nvidia's Vera CPU at Computex 2026 in Taipei.
Nvidia
Nvidia (NVDA) rose 1.67% as CEO Jensen Huang took the Computex stage to outline a sweeping vision for AI infrastructure. He unveiled new AI-focused processors, AI PCs, and data center technology, positioning the company far beyond its graphics chip roots.
Super Micro Computer
Super Micro Computer (SMCI) advanced 1.95% after announcing 12 new server platforms optimized for Intel's new Xeon 6+ processors.
Uber Technologies
Uber (UBER) was up 1.79% as it announced plans with Israel-based Autobrains to launch a robotaxi program in Munich, pending regulatory approval.
Credo Technology Group
Credo Technology Group (CRDO) gained 2.75% ahead of its earnings report after the bell. Analysts expect earnings of $0.79 on revenue of $432.05 million.
Cues From Last Session
Friday's session saw the major indices close higher, with the Dow Jones up 0.72% to 51,032.46, the S&P 500 up 0.22% to 7,580.06, and the Nasdaq Composite up 0.20% to 26,972.62. The Russell 2000 fell 0.59% to 2,919.34. Consumer staples, communication services, and energy stocks lagged, while information technology and financials bucked the trend.
Insights From Analysts
The current S&P 500 bull market, which began at the bear market bottom in October 2022, has officially become the eighth-longest rally since World War II. According to Carson Investment Research and FactSet, the run hit the 3.630-year mark, overtaking the 3.627-year bull market of 1962–1966. Over this span, the index has surged 111.9%.
Carson Group's Chief Market Strategist Ryan Detrick noted that while some worry the 43-month-old rally is getting extended, history suggests further gains. "What matters here is how long those other bull markets that made it this far lasted," Detrick said on X. He pointed out that the other seven longest historical rallies lasted an average of more than seven total years. "Imagine if this bull was only 'halfway over'? Boy, that'll upset a lot of bears," he added.
Upcoming Economic Data
Here's what investors will be watching this week:
- Monday: May S&P final U.S. manufacturing PMI (9:45 a.m.), May ISM manufacturing data and April construction spending (10:00 a.m.), Minneapolis Fed President Neel Kashkari speaks in South Korea (11:50 p.m.), May auto sales (time TBA).
- Tuesday: Cleveland Fed President Beth Hammack speaks (8:55 a.m.), April job openings (10:00 a.m.).
- Wednesday: May ADP employment data (8:15 a.m.), Fed Governor Michael Barr speaks (9:00 a.m.), May S&P final U.S. services PMI (9:45 a.m.), April factory orders and May ISM services data (10:00 a.m.), Fed Beige Book (2:00 p.m.).
- Thursday: Initial jobless claims for week ending May 30 and Q1 productivity report (8:30 a.m.), Richmond Fed President Tom Barkin speaks (8:30 a.m.).
- Friday: May employment report, unemployment rate, hourly wages, and year-over-year wage data (8:30 a.m.), April consumer credit (3:00 p.m.).
- Saturday: Fed Governor Michael Barr speaks (12:00 p.m.).
Commodities, Crypto, and Global Markets
Crude oil futures rose 3.91% in early New York trading to around $90.78 per barrel. Gold fell 0.87% to about $4,499.99 per ounce, well off its record high of $5,595.46. The U.S. Dollar Index was flat at 98.9860.
Bitcoin (BTC) traded 1.41% lower over the past 24 hours at $72,811.83.
Asian markets closed mixed on Monday. China's CSI 300, India's Nifty 50, and Australia's ASX 200 fell, while Hong Kong's Hang Seng, South Korea's Kospi, and Japan's Nikkei 225 rose. European markets were also mixed in early trade.
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